tax – provide clarity on VAT legislation to help businesses through the transition process

regulation – ensure stability with EU regulations into UK law and products are aligned for competitiveness.

Adam Marshall, director general at BCC, said:

“Business communities across the UK want practical considerations, not ideology or politics, at the heart of the government's approach to Brexit negotiations.”

Reduce financial pressure on farmers

NFU Mutual has called for the chancellor to use the upcoming Spring Budget to provide further clarity and support to farmers.

Tim Price, rural affairs specialist said that farmers are unable to make long-term investment due to the uncertainty about agricultural and export opportunities.

“We are urging the chancellor to support farmers and the rural community – by simplifying both business and inheritance tax rules and avoid introducing measures that could add more financial stress to rural businesses.”

Economists predict long-term effect on GDP

UK GDP growth is forecast to decline to 1.6% in 2017 and to 1.3% in 2018, according to the Oxford Economics.

Economic prospects have been driven by the uncertainty of trade agreements as figures also predict that the UK economy could be 3% smaller by 2030 once the country leaves the European Union.

Andrew Goodwin, lead UK economist at Oxford Economics, said:

“If the government is able to agree a transitional arrangement with the EU and make progress on a free-trade agreement then the impact of Brexit is likely to be fairly modest within our forecast horizon of 2021.”